Initial jobless claims figures plunged in the most recent week. At 284,000, they are the lowest they have been in eight years! In fact, these jobless claims figures are just as strong as we saw during the powerful mid-2000s economic cycle … and the powerful late-1999s cycle.

The jobs market is steadily getting better, and has been for a few quarters now. Yet so many Wall Street economists and Fed blowhards are once again behind the curve.

This all has massive implications for Fed policy, and I will explain that fully in my afternoon Money and Markets column that will be published later today.